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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2025
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SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On March 5, 2025, The Bank of Glen Burnie (the “Bank”), a wholly owned banking subsidiary of Glen Burnie Bancorp (the “Company”), filed an 8-K noting that the Bank entered into a stock purchase agreement with Virginia Wholesale Mortgage, Inc. (“VAWM”) which provides mortgage banking services in the communities it serves. The Company expects to close on this purchase in August 2025. VAWM currently originates approximately $125 million a year in new mortgages across a wide array of loan products with specialized expertise in mortgage solutions for veterans and military personnel. This acquisition is expected to provide access to new products and markets for the Bank, create the ability to originate and sell mortgages off the Bank’s balance sheet, and provide cross-selling opportunities for the Bank’s products and services to VAWM’s existing and new clients.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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